Rates Are Up!

[OnMyWay]

2 hours ago, Kingpin said:

The positive third factor:

FYI if you're buying EVOO for the health properties, you want it in glass, never plastic, and never large bottles since it starts to oxidize upon opening.
 

 

Thanks, I know about the plastic issues but didn't think about it then.  I thought the main problem was when foods are heated in plastic, but maybe not.

I did not know that about the oil having a short life after opening.  I will see if I can give some away after I open it.

[RBM]

18 hours ago, hk blues said:

After the USD, the Euro and the GBP are probably the next most "popular" foreign currencies.

Euro to PHP Jan 1 2022 -58.0 / Euro to PHP Sep 2 2022 - 56.5 so DOWN 3%

GBP to PHP Jan 1 2022 - 70.0 / GBP to PHP Sep 2 2022 - 65.1 do DOWN 7%

So, not all of us are winners! 

 

Think if you plugged the NZ dollar in there be even worse.

[hk blues]

2 hours ago, RBM said:

Think if you plugged the NZ dollar in there be even worse.

Indeed...I think the Aussie Dollar is slightly up but nothing like the USD.

So, not so much a particularly weak Peso as a particularly strong USD.

[OnMyWay]

XE mid-market rate went over 57 today.  Settled back to 56.95 now.

[russellmania]

1 United States Dollar equals

57.19 Philippine peso...How can a person exchange US.Dollars to get that exact rate?

[JJReyes]

8 minutes ago, russellmania said:

57.19 Philippine peso...How can a person exchange US.Dollars to get that exact rate?

The quote is the interbank rate or for very large commercial transactions like $1 million.  There are commissions and fees to consider, reducing the actual amount received.  At the airport, the spread might be very large because rents are high, and most transactions are small such as $50 or $100 for tips and taxi money.  On the reverse, you dispose of leftover local currency before boarding a flight.  Again, you probably have less than $100.  

[Kingpin]

32 minutes ago, russellmania said:

1 United States Dollar equals

57.19 Philippine peso...How can a person exchange US.Dollars to get that exact rate?

Ayala mall exchange was 56.60 today

[OnMyWay]

15 minutes ago, russellmania said:

1 United States Dollar equals

57.19 Philippine peso...How can a person exchange US.Dollars to get that exact rate?

You can't normally.  That is probably the mid-market rate like XE shows, which is halfway between the buy and sell rate.  Right now, XE is 57.20.

I follow 3 rates:  XE mid-market as the base for comparison, Villarica and BPI online.

https://www.xe.com/currencyconverter/convert/?Amount=1000&From=USD&To=PHP

https://villaricapawnshop.ph/money-changer/

BPI you need an account to check between 9 am and 3:30 pm.

During normal volatility, Villarica has the best money changer rates.  Often less that 20 centavos from XE.  E.G. if XE midmarket is 57.20 in the morning, Villarica might be 57 or a bit better.  However, during extreme volatility like now, the changers hold back because the don't want to get burned.  Villarica was about 40 centavos less than XE most of the week.

During normal volatility, BPI is usually 20-30 centavos less than XE.  However, for the past week, BPI has been better than Villarica.  I exchanged at BPI online on Friday and go 56.60 when XE was about 56.80 and Villarica was only 56.5.

Thinking about exchanging again tomorrow but only for 57 plus.  BPI will update about 9-9:30 and Villarica at around 10 usually.

 

 

[Dave Hounddriver]

2 hours ago, russellmania said:

1 United States Dollar equals

57.19 Philippine peso...How can a person exchange US.Dollars to get that exact rate?

WISE is offering 57.04 today.  Pretty darn close.  I find if you shop around the money changers in Cebu you can get very close to that rate depending on how many US dollars you want to exchange.  I don't know why we are "shouting" in large letters.  Do you?

[OnMyWay]

18 minutes ago, Dave Hounddriver said:

WISE is offering 57.04 today.  Pretty darn close.  I find if you shop around the money changers in Cebu you can get very close to that rate depending on how many US dollars you want to exchange.  I don't know why we are "shouting" in large letters.  Do you?

It is not WISE to shout!

Actually WISE quoted exchange rate is up to 57.11 now, but the net rate after fees is only about 56.59.